In the mid-20th century, the problem of financing greater equity was to pursue redistributive tax policies and growing government spending. The public sector was the one that produced and consumed social goods. Even for economists like Friedman, it was still …
Robert Meister’s book „Justice is an Option“ (6) – A Revaluation of the Financial Markets
In the next section, Meister tries to develop tools by which justice-seeking movements could extract amounts of money to, in turn, generate liquidity for themselves, something that governments, hardly interested in justice, are unlikely to want to do. Thus, movements …
Robert Meister’s book „Justice is an Option“ (5) – A Revaluation of the Financial Markets
Ten months after the Russian Federation’s invasion of Ukraine, some interesting essays have come out analyzing the new geo-political situation and reflecting on possible international trends[1]. Among them, the recent contribution by Emiliano Brancaccio, Raffaele Giammetti, and Stefano Lucarelli, The …
Centralization of property and contemporary capitalism: about “The Capitalist War”
Robert Meisters Buch trägt den Untertitel “Eine demokratische Theorie der Finanzen für das 21 Jahrhundert.” Auf den ersten Blick sind in dem Titel zwei verschiedene Themen enthalten: Justiz und Demokratie auf der einen Seite, Finanzen und Finanzmärkte auf der anderen …
The value of a risky loan is the value of a risk-free loan minus the value of the guarantee, which is the option that can be priced out, either as insurance or interest. The liquidity of private credit markets implies …
Robert Meister’s book „Justice is an Option“ (4) – A Revaluation of the Financial Markets
In financial markets, asset pricing is a specific historical mode of pricing out options to then convert those options into cash. Pricing out an option in the form of a guarantee in order to sell it at its current price …
Robert Meister’s book „Justice is an Option“ (3) – A Revaluation of the Financial Markets
Meister asks why, in a world dominated by finance, we should look to the future through Marx’s eyes? The answer is that the extraction of surplus value in production had the purpose of preserving and accumulating it as an instrument …
Robert Meister’s new book „Justice is an Option“ (2) – A Revaluation of the Financial Markets
Robert Meister’s book Justice is an Option is an extremely important attempt to relate the theory of current finance to leftist political options aimed, among other things, at a theory of justice involving finance. Meister seeks to transform the concept …
Robert Meister’s new book “Justice is an Option” (1) – A Revaluation of the Financial Markets
The heterodox positions of Elie Ayache and Suhail Malik on contemporary finance are often perceived, if not discussed more broadly, in the vapor circles of accelerationism. Let us first turn to Suhail Malik’s prosition. For us, the contingent price movements …
Elie Ayaches and Suhail Malik’s Heterodox Conceptions of Finance: The Delirium of Contingency
I still remember when I first encountered Cory Doctorow’s writing. After an internet rabbit hole, I landed on his post ‘Ford patents plutocratic lane-changes’. Man, it made me laugh. Here was a sci-fi writer describing a (real) Ford patent that would …
The term “quantitative easing” (QE) describes measures taken by central banks, such as the permanent purchase of mostly long-term securities and government bonds, which are held by commercial banks, when interest rates are already at zero and an expansive monetary …
The fat years: CentralBanks and The Politics of Quantitative Easing
In contrast to some Keynesian authors who constantly describe of all sorts of dysfunctions of financialisation, in this book we assume rather that the neoliberal model of financialisation and its austerity policies have proven to be a relatively effective strategy …
The Functions of Financial Markets for the Capitalist Economy